Yobit.net and Yobit.io are the sites you must totally avoid when it comes to trading cryptocurrencies. There are several reasons why I am saying this and I had a personal experience, leave alone my personal experience, do a simple search with the following phrase – “Yobit is a Scam” and read every single page on various forums and chat rooms, I strongly recommend you to do this before you sign up there. Signing up on Yobit is equivalent to a suicide mission, you will end up losing your crypto assets, and finally left with extreme frustration and depression. This exchange functions in a way where you will lose your money and left to scramble for pennies, I will explain this further, in this article.
Yobit Arbitrage Trading: what can go wrong?
If you have convinced yourself that nothing can go wrong because it looks like every other Crypto exchange and you are there only for an arbitrage trade, then think twice, if you are not able to see the dead end at the corner then follow the chat box or rather the troll box on the Yobit webpage., you will come across a few everyday, complaining/commenting on how they couldn’t withdraw and they have been locked out of their account. Support on Yobit is totally useless, you can’t communicate through their highly discredited ticket system, you won’t receive any response from them no matter how long you wait, and if you try to express your frustration in the chat box you will be banned for a week and sometimes for a month.
Your wallet is not safe either, every now and then you can see customers saying that they have been locked out of their wallets or their wallet has been stolen, and in most cases Yobit will give you a piece of advice to enable 2FA code on your account, as if you are an amateur. At any cost do not deposit or hold more on Yobit.
Yobit Scam – Compound Coin / Investbox
Yobit has handful of it’s own tokens, ICO’s, and they provide you an invest box for those tokens where you can accumulate an attractive percentage of 10%, 7% daily, and has different interest rates for various tokens. All you have to do is you have to buy those tokens with Bitcoins and put them in the investbox(IB) and you need to play the number of dice games requested for each token daily, and you will receive 10% of what you put in the investbox, which will compound day after day, at some point you would have doubled, tripled or even decupled ( ten folds ) the Yobit tokens that you had put in your investbox, finally you can sell it for ten times the amount you invested.
Sounds attractive right?, But forget it totally, Compound Coin or Compound interest schemes on Yobit are the most shadiest of all Scams. They are just traps to lure you to invest your hard earned money and you will see them vanish in matter of days.
Price of every token in the compound interest scheme / Investbox will go down from 10% – 80% every day, the token you put into the IB will diminish in it’s value and you will be forced to hold your IB for many months, and you will never reach the break even point. you will receive 10% daily but the price of that toke will diminish at the avg of 40% everyday.
These Yobit tokens are generated constantly and sold by those who operate the exchange, driving the prices down, leaving the investors in the dark. You can see many in the chatbox talking about these useless tokens on Yobit, most of them trying to manipulate, lure new investors for these tokens and most of them, especially a guy named “placebo1977” will talk about how much money he/they made by investing in the Yobit tokens and compounding it for a huge profit. Just don’t fall into this trap if you are there only for arbitrage trading, most of them manipulating the investors to buy these Yobit tokens will dump their tokens on you.
But it doesn’t stop there, you will be left to face the worst case scenario after holding those useless Yobit tokens for many months, the price of the token will hit rock bottom and there will be no buyer for that token and you will be left stranded for months with those tokens compounding in our investbox only to face the denomination, and Yobit will decimate your accumulated tokens to a tiny fraction and still you will not be able to make any profit.
I have watched Yobit closely for a year and I lost myself 0.5 BTC, do not buy Yobit tokens at any moment and restrict your trade with the major Cryptocurrencies alone because whenever there is a huge amount of buy in any of the Yobit tokens the price of that token will go down by 40% – 60% in an instant, and you will be left with no choice, but to put it in the investbox with an hope to multiply it, but you will never be able to recover the losses. Yobit is a cesspool of scammers and scams, the worst you will ever see in your life.
Yobit Pump and Dump Scam
Yobit has an unethical practice of pumping their own tokens, They boost the price of certain tokens to gain attention, when there was huge amount of buy, the Yobit insiders dump their free tokens on the buyers and the price goes down within days. You can see the timer for the next pump for their tokens in the following link.
Most of them in the chatbox talking about smart trading and making profit of 4x, 10x by trading Yobit tokens are mostly Yobit insiders, they do this constantly to lure the traders to invest in their shit coins. So at any cost steer away from this Crypto Exchange. This exchange is a bane of the Crypto world and I strongly recommend those who think about trading on Yobit to stay away from this exchange.
I consider the lack of regulation of this crypto exchange to be a huge advantage. Not so long ago, I was faced with the problem of withdrawing funds (on another crypto exchange), I began to require documents such as a residence permit, an invoice receipt. For all the time working with Yobit, there have never been such problems because it is an anonymous exchange. There is no need for any documents so that you can simply withdraw your funds.